Another Name For Trust Agreement

The person who creates trust is the settlor. The person who holds the property for the benefit of another is the agent. The person who benefits from the trust is the beneficiary or cestui que trust. The property that makes up the position of trust is the position of trust, the corpus, the principle or the object. For example, a parent sells certain shares to a bank to manage for a child, with instructions to give him dividend cheques each year until he is 21 years old, at which point he must receive all the shares. The parent is the settlor, the bank is the agent, the action is the Trust Res and the child is the beneficiary. Cy Pres Doctrin The Cy Pres doctrine, derived from the expression cy pres comme possible, refers to the power of a court to amend administrative provisions in a non-profit trust where the settlors` instructions prevent the agent from fulfilling the purpose of the trust. A court also has the power, under the doctrine cy pres, to order that trust funds be used for purposes of public utility other than those designated by the Settlor. This will happen if it has become impossible, impractical or impractical to achieve the public utility objective of the settlors. Since a non-profit foundation can exist forever, many purposes become obsolete due to changing economic, social, political or other conditions.